U.S. markets closed
  • S&P Futures

    3,843.50
    +4.50 (+0.12%)
     
  • Dow Futures

    31,563.00
    +98.00 (+0.31%)
     
  • Nasdaq Futures

    12,628.25
    -35.50 (-0.28%)
     
  • Russell 2000 Futures

    2,202.10
    +12.40 (+0.57%)
     
  • Crude Oil

    67.28
    +1.19 (+1.80%)
     
  • Gold

    1,708.40
    +9.90 (+0.58%)
     
  • Silver

    25.71
    +0.42 (+1.67%)
     
  • EUR/USD

    1.1929
    +0.0004 (+0.04%)
     
  • 10-Yr Bond

    1.5540
    +0.0040 (+0.26%)
     
  • Vix

    24.66
    -3.91 (-13.69%)
     
  • GBP/USD

    1.3843
    +0.0015 (+0.11%)
     
  • USD/JPY

    108.3960
    +0.0140 (+0.01%)
     
  • BTC-USD

    51,598.41
    +2,371.48 (+4.82%)
     
  • CMC Crypto 200

    1,041.06
    +97.89 (+10.38%)
     
  • FTSE 100

    6,630.52
    -20.36 (-0.31%)
     
  • Nikkei 225

    29,185.57
    +321.25 (+1.11%)
     

Sterling Bancorp Unit Acquires Santander Bank's $839M Loans

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
Zacks Equity Research
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Sterling Bancorp STL recently announced that its principal subsidiary, Sterling National Bank, has completed the acquisition of middle market commercial equipment finance loans and leases from Santander Bank, N.A. The terms of the deal, announced in October, were undisclosed.

The amount of equipment finance loans and leases acquired was $839 million.

The major components of the acquired portfolio were fixed rate loans and leases, and it had a weighted average tax-equivalent yield of approximately 4.3%.

At the time of the announcement of the deal, it was mentioned that the portfolio to be acquired will be merged into Sterling Bancorp’s established national Equipment Finance platform. The combined portfolio will have an outstanding balance of total loans and leases of nearly $2 billion.

Jack Kopnisky, president and CEO of Sterling Bancorp, stated, “We are pleased to complete this acquisition, which will enhance our commercial banking capabilities and augment our organic origination volumes.”

The deal is likely to boost Sterling Bancorp’s balance sheet and loan portfolio repositioning strategy, and will help it form a more diversified commercial mix. Further, the company’s inorganic efforts are expected to augment its commercial lending capabilities.

In March 2019, Sterling National Bank acquired the asset-based and equipment finance lending businesses of Woodforest National Bank. With this deal, Sterling Bancorp acquired $495 million worth commercial loans and leases, consisting of asset-based loans of $331 million and equipment finance loans of $164 million.

Prior to this, in 2018, Sterling Bancorp’s subsidiary had completed the buyout of Advantage Funding Management Co., Inc.

Currently, Sterling Bancorp carries a Zacks Rank #3 (Hold). Its shares have gained 23.3%, outperforming the industry’s rise of 15.5% in the year-to-date period.



Key Picks

Metropolitan Bank Holding Corp.’s MCB earnings estimates for the ongoing fiscal year have moved 6.6% north over the past 60 days. Additionally, the stock has gained 44.3% so far this year. It currently sports a Zacks Rank #1(Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Bancorp, Inc.’s TBBK earnings estimates for 2019 have moved 14.7% upward in the past 60 days. Moreover, the Zacks #1 Ranked stock has risen 39.6% year to date.

Salisbury Bancorp, Inc. SAL has witnessed upward earnings estimate revision of 7% for 2019 in the past 60 days. Moreover, the Zacks Rank #1 stock has gained 30% in the year-to-date period.

7 Best Stocks for the Next 30 Days

Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers “Most Likely for Early Price Pops.”

Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.6% per year. So be sure to give these hand-picked 7 your immediate attention.

See 7 handpicked stocks now >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
The Bancorp, Inc. (TBBK) : Free Stock Analysis Report
 
Sterling Bancorp (STL) : Free Stock Analysis Report
 
Salisbury Bancorp, Inc. (SAL) : Free Stock Analysis Report
 
Metropolitan Bank Holding Corp. (MCB) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research